RBA discusses cryptocurrency relevance in Australia
The governor of the Reserve Bank of Australia indicated that the entity is not "convinced" to issue a digital asset parallel to the Australian dollar
Michelle Bullok, governor of the Reserve Bank of Australia (RBA) said that the Australian entity does not contemplate the issuance of a digital asset.
According to a report in The Australian Financial Review, the financial institution says it does not feel “convinced” of the need to issue a digital Australian dollar.
Bullok, who participated in the Sibos 2018 banking and financial conference held in Sydney, explained that “she is interested in considering the frictions that these technologies are designed to solve, but that in most cases, she does not see the relevance”.
The Australian official said that despite everything, digital assets offer certain benefits such as the possibility of skipping the problem of monetary policy, something that allows banks to withstand negative interest rates.
On the other hand Bullock commented that before the bank could reasonably adopt a new asset as a digital currency, there would have to be a proven use case for this.
K. Tovar
Source: AFR
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